Ethereum is on the verge of rewriting history, trading near $4,792 — its highest level since November 2021 and just shy of its all-time high (ATH) around $4,860. The recent surge has cemented bullish control over the market, with buyers steadily pushing prices higher after weeks of strong momentum. However, many analysts are cautious, noting that the ATH zone is a critical resistance level that may take several days, or even weeks, to decisively break.
While the technical setup remains overwhelmingly positive, a wave of speculation has emerged around potential market suppression. A growing narrative suggests that entities such as Wintermute and Binance could be influencing short-term price movements. Onchain analysts have highlighted large transfers between Binance and Wintermute wallets, coinciding with abrupt intraday pullbacks — adding fuel to the debate over whether these moves are intentional liquidity plays or routine market operations.
Despite these concerns, Ethereum’s long-term outlook appears strong, with shrinking exchange supply and robust buying interest from institutional and retail investors alike. If bulls can absorb selling pressure near the ATH, Ethereum could enter a price discovery phase for the first time in years — a scenario that could trigger an aggressive upward breakout into uncharted territory.
Ethereum (ETH) and Solana (SOL) are both displaying notable resilience, with strong momentum suggesting they are seeking higher price levels. According to top analyst Ted Pillows, the latest market dip — which occurred in the final hour of trading — wasn’t driven by retail selling pressure, but by significant movements between Binance and Wintermute.
Onchain data, Pillows explained, shows a series of large transfers totaling millions of dollars in both ETH and SOL. These transactions coincided almost exactly with the sudden price pullback, hinting at coordinated market maker activity rather than a shift in broader sentiment.
The analyst emphasized that “proof is on-chain,” pointing to transparent blockchain records of wallet movements between Binance and Wintermute, a well-known liquidity provider. While such transfers are not inherently bearish, their timing has raised eyebrows, particularly as both assets were pressing against critical resistance levels — with ETH nearing its all-time high and SOL pushing toward multi-month peaks.
The coming sessions could be pivotal. ETH and Bitcoin are both in a high-stakes battle with their respective ATH levels, where breakout attempts face concentrated liquidity from sellers. If buyers can absorb the pressure, the market could transition into a more aggressive bullish phase. However, if similar large-scale transfers trigger more intraday dips, traders may face an extended consolidation period before the next leg higher.
Ethereum’s weekly chart shows a powerful surge, with price reaching $4,792 — its highest level since November 2021. The move marks a continuation of the strong bullish momentum that started after ETH broke above the $3,000 level in late July. The recent candles show large-bodied gains, confirming aggressive buying interest and sustained demand.
The current price of $4,719 sits just below the all-time high of $4,860, a historically significant resistance. This level may act as a psychological barrier, potentially triggering short-term profit-taking before any confirmed breakout. However, the steep upward slope of the 50-week moving average (blue) and the distance from the 100-week and 200-week MAs suggest that momentum remains firmly on the bulls’ side.
Failure to break above $4,860 in the short term could result in a healthy retest toward the $4,300–$4,400 zone, aligning with the breakout area from early August. This level would likely act as a strong support before any renewed attempt at higher highs.
Featured image from Dall-E, chart from TradingView
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